Looking at the four hour chart, we can see that LTC has formed a textbook bear flag, underneath the 200 EMA. This bearish consolidation pattern has been formed by several unsuccessful attempts to rally back above the 200 EMA. The bear flag should break to the downside, pushing LTC to the next major target area of around $150. Recently, there has been some...
After falling out of a symmetrical triangle, and building a bear flag under the 200 EMA (purple line,) the LTC bulls have managed to push the market above the 200 EMA, and back into the apex of the symmetrical triangle. Price action still resides inside of the bear flag, but short term action shows slight buying interest. I've added a light grey box to the chart,...
Taking a look at the four hour chart, LTC appears to be attempting to break down from the bear flag pattern that we discussed yesterday. I did modify the shape of the flag (from a pennant to a more traditional channel) in order to accommodate the shift in price movement. However, it's still a bear flag. Inside of the flag itself, you can see that there were...
Looking at the four hour chart for Ripple, we can see that a large bear flag has formed, as XRP fell to the 38.2% retracement level, after reaching an alltime high. We can see that volume has fallen, signaling exhaustion in XRP. In addition, the MACD is trending lower, confirming the loss of momentum. If the bear flag is broken to the downside, Ripple should fall...
Looking at the cryptocurrency Stellar, we can see that it's had a strong move higher, in a series of bull flags. However, it is trading inside of a technical pattern, known as an ascending broadening wedge (shown in dashes.) This is typically a bearish pattern, that eventually results in a breakdown from the bottom side of the wedge. That's significantly lower...